Sam Walton Personality Traits 5p5p1b

Sam Walton personality traits 1. In 1945, after leaving the military, Walton took over management of his first variety store at the age of 26. With the help of a $20,000 loan from his father-in-law, plus $5,000 he had saved from his time in the Army, Walton purchased a Ben Franklin variety store in Newport, Arkansas. The store was a franchise of the Butler Brothers chain. 2. 1948- could not renew his lease so he bought a new store in Bentonville, Arkansas, called it Walton’s 5 & 10 1952- opened another store in Fayetteville, Arkansas By early 1960’s co-owned 16 stores in 3 states, Arkansas, Missouri and Kansas 3. First Wal-Mart opened in 1962 in Rogers, Arkansas. By 1970, the Walton owned 18 WalMarts 1991- Wal-Mart became world's largest retailer whit a total of 1,700 stores 4. Sells a wide variety of goods at a low price Products are bought in large quantities from the lowest priced wholesaler and savings are ed to the customers Reflect Walton’s belief that “Each Wal-Mart store should reflect the values of its customers and their vision they hold for their community” Customers are greeted at the door Gives out a scholarship to a graduating senior each year Having many products in one place is convenient to the customers 5. Attitude determines whether or not company succeeds Make important decisions Funding the company Selecting advisers and management team Responsible for making their vision of the company a reality 6. First to automate inventory process using a UPC barcode 1983- set up a private satellite system to track deliveries, process credit transactions, and transmit data 7. 1. Respect for people. 2. Service to customers. 3. Strive for excellence. 8. Called his customers “neighbors” or “guests”. Referred to the managers in his company as “coaches.” Referred to the employees of his company as associates or business partners. Funloving leadership style. 9. Stick to fundamental values Don’t follow the money, follow your ion Take care of your people 10. Kmart had superior distribution centre with 500 stores. But Wal-Mart was going with the strategy of filling every county or small town in America Walton spent time studying Kmart stores. In 1972,they noticed an opportunity in Hot spring, Arkansas where Kmart was having monopoly.

11. later to retaliate ,Kmart entered four of Wal-Mart's strong market. It was predicted that this would lead to end of Wal-Mart Kmart and Wal-Mart waged a price war ,with Kmart dropping its prices and Wal-Mart's remaining unchanged. 12. TOOTHPASTE WAR. Opening day strategy was a mess, due to extreme heat. Underdog status forced Wal-Mart to find efficient ways to run business. Faced a challenging situation ,when Wal-Mart planned to acquire Kuhn's big k chain. 13. Visionary Risk taker Ambitious Simplicities 14. “High expectations are the key to everything.” he was an ordinary man who accomplished the truly extraordinary through vision, hard work, and a never- say-die attitude. 15. I ire Sam Walton because he started a business that today is one of the most profitable companies. Millions of people all over the world know of Wal-Mart, and no matter where you travel to you are sure to find one located near you. I ire him because he started something that will be known around the world forever, and all of his employees People who knew him said he was a wonderful man, and that is a great thing to have.

Characteristics features of Sam Walton

1. Stick to fundamental values

Sam Walton had simple values that guided him through his life and business. He didn’t follow the latest management fad, nor did he believe in any of the get-rich-quick ideas. He was solidly living his life by the values that he grew up with.

Similarly, as a leader building a team or an organization, you need to get away from all the ‘noise’ about the latest management framework, or the next idea about how leadership should be done.

The principles that existed for thousands of years still exist today and all you have to do is follow them, and people will follow you. There is nothing new under the sun and you shouldn’t be swayed by different ways and ideas; but stick to your values and you will be successful.

2. Don’t follow the money, follow your ion

Sam Walton didn’t start off his variety stores with an ambition to become rich; he simply had a ion for his craft and at each point in time, he only wanted to do it better and better.

If you follow the money, you’ll be running from one business opportunity to another without any focus. But Sam Walton had one focus: retail and so should you. When you follow your ion, you’ll be successful in whatever craft you do, and you will become a leader in that field that you commit yourself to.

3. Take care of your people

Sam Walton took extremely good care of his employees and he gave very employee a chance to become successful with him by allowing them to purchase stock options of Wal-mart at a discount. He treated them as associates of the business and wanted them to enjoy part of Walmart’s success.

If you can value every single employee or team member in your organization, it will help toward your personal success as well. But do it only because you genuinely care. Make them part of the organization by allowing them to share the organization’s success, be it by stock options or other forms of rewards.

There’s a saying that goes, if you can make people around you successful, then you will be successful too.